Masternode Coins – The Good, the Bad and the Ugly

I mentioned in a recent post that I have been on the hunt for a good masternode coin to invest in. If you missed the post and don’t know what a masternode is then check it out so that you’re up to speed.

The search for the right coin has been long, tiresome, and at times very depressing. The reality is that there are a lot of terrible coins out there. Many of them are outright scams, so finding the good ones can be a real problem.

Masternode coins typically operate on a Proof of Stake model rather than Proof of Work. What this means is that if you hold a certain number of coins, and elect to operate a node then, via the running of this node, you receive regular rewards. Some coins also provide you with a reward if you “stake” or simply hold your coins rather than trading them. By holding your coins you receive a regular reward into your wallet, which is simply an incentive to ensure that the demand for the coin remains high rather than having people activity trading the coin on a regular basis.

The endless stream of shit coins

In all honesty, I very nearly gave up on finding a decent masternode coin after a week of searching. Coin after coin was proving to be utterly useless and often just a blatant scam.

I generally follow a simple series of checks when assessing whether or not a coin is worth my time:

Does the coin serve a real purpose or solve a real problem?

Is there a white paper to review?

Have the team identified themselves?

Is there financial backing behind the coin already?

Is the Return on Investment reasonable (above 100% is preferable)?

Are they present on all the usual social media channels and is there an active community in these channels?

Is the GitHub available and frequently updated?

Is the road map available, current and being met?

Is the coin listed on multiple exchanges and is there some volume there?

I’m sure there are plenty of other checks that I could do but these are generally enough to tell me whether or not the coin is worth investigating further.

If the coin passes most of the above checks I tend to then spend some time in the Discord and/ or Telegram channels for the coin to see what the community is like. I do this to see if the community is positive and excited about the coin or simply complaining about the progress/ lack of progress or the lack of communication from the development team.

If I’m happy with everything that I see then I start monitoring the price movements of the coin. I don’t want to just buy right in. If the coin is heading on a downward trend then I want to see if I can grab it at or near what I believe will be the bottom.

If you’re wondering what a shit coin looks like then look no further than many of the coins found on masternodes.online or masternodes.pro. The perfect example of a shit coin is this one right here. The coin serves no purpose, there is no team, the website is incomplete, and so much more! Finding shit coins is easy, if only the good ones were so easy to find.

Sometimes you also stumble across a coin that might not be worth investing in, but is fascinating all the same. I came across Aquila recently, which is a coin that had been abandoned by its development team (read shit coin here) but the community decided to pick up the mess and rebuild it into something worthwhile. The community behind this coin now helps other abandoned coins recover and rebuild to something better and they make some revenue from the assistance that they provide. The community behind Aquila appear to be doing some good work, but sadly the coin just doesn’t seem to be worth investing in right now.

Finding that golden egg

I have found a couple of gems though, and I’m currently getting to know the community and watching the projects for a while before jumping in with an investment.

The masternode coins that I like stand out for truly obvious reasons. So far, these projects are:

Ambrosus

This project is providing a blockchain solution to supply chain management, logistics, and is providing anti-counterfeiting measures.

Other than the website being a pain in the rear to navigate, this coin has a good team behind it, is making great progress, is listed on decent exchanges and ticks pretty much all of the boxes that I need to see ticked before getting interested.

Apex

I’m really excited about Apex, this company is providing a broad range of solutions and already has excellent backing:

“APEX is the blockchain infrastructure for next-generation of consumer applications, helping solve and optimize incumbent problems in consumer internet and B2C interactions. APEX provides an enterprise blockchain solution for agile creation of custom dApps with increased privacy and ownership of data, interactivity of consumer experiences, and connectivity of value.”

What’s even more impressive about this coin is that, not only does it tick most of the boxes on my checklist, it already has a range of existing customers who are ready and waiting. The company behind this coin have made fantastic progress to date as well. What’s interesting, is that they are yet to list on some decent exchanges, but when they do I’d expect to see some great movement in the price of the currency.

There’s a lot to this coin so I’ll do a more detailed write up in the future.

The good coins exist, I promise

In the world of masternodes and proof of stake coins, the good coins can be bloody hard to find. They do exist though, but finding them can be very draining of your positivity and will to go on.

I’m yet to make an investment, given that the market overall right now is heading south. I expect to make my first investment into a proof of stake coin next week however. So will definitely let you know what that is as soon as I put my money with my mouth is.